Aaron's Picks MasterCard's Lockhart for Board

ATLANTA-Gene Lockhart, former president and CEO of MasterCard Worldwide, has been selected to serve on the board of directors of rent-to-own retailer Aaron's.

Lockhart's appointment to the board goes into effect today. Board member John Schuerholz, president of the Atlanta Braves, is retiring from the board after eight years of service.

During his tenure with MasterCard, Lockhart led the company's transition into a for-profit enterprise. He also served as president of the Global Retail Bank at Bank of America until its sale to NationsBank. He was also CEO of Midland Bank UK and chairman of First Direct and Thomas Cook.

Currently, Lockhart serves as a special advisor to General Atlantic, a global growth equity firm that provides capital and strategic support to growth companies.

Ray M. Robinson, Aaron's chairman, said, "Gene has tremendous experience as an innovator in the financial services industries where he promoted changes that benefit consumers."